DICK'S Sporting Boosts FY24 Outlook As Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Wednesday, sporting goods retailer DICK'S Sporting Goods Inc. (DKS) raised its earnings, net sales and consolidated same store sales growth guidance for the full-year 2024.

For fiscal 2024, the company now projects earnings in a range of $13.35 to $13.75 per share on net sales between $13.1 billion and $13.2 billion, with consolidated same store sales growth of 2 to 3 percent.

Previously, the company expected earnings in a range of $12.85 to $13.25 per share on net sales between $13.0 billion and $13.13 billion, with consolidated same store sales growth of 1 to 2 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $13.24 per share on net sales of $13.16 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, net income declined to $275.30 million or $3.30 per share from $304.65 million or $3.40 per share in the prior-year quarter.

Net sales for the quarter increased 6.2 percent to $3.02 billion from $2.84 billion in the same quarter last year. Comparable store sales grew 5.3 percent.

The Street was looking for earnings of $2.95 per share on net sales of $2.94 billion for the quarter.

On Tuesday, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $1.10 per share on the Company's common stock and Class B common stock, payable in cash on June 28, 2024 to stockholders of record at the close of business on June 14, 2024.

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